The radio, TV and state network owner based in suburban Detroit reports net operating revenue growing 2.6% to $28.7 million for the first quarter. Net income per share drops from 78 cents to 39 cents, partly due to last year's one-time $3.6 million payment related to a frequency change Saga made in Bellingham, Washington. Saga Communications says its EBITDA leverage ratio is just 2.5 times and it has outstanding debt of $92.1 million. That prompts an analyst to ask on today's conference call about strategic options, and CEO Ed Christian muses about the possibilities of a stock buyback, special dividend or acquisition. Saga stock trades as "SGA", and you can follow the stock price here.